2025 (12) TMI 234

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....rad Kumar Sharma, Member (Judicial)] Before, we deal with the controversy, which may engage consideration in the instant Company Appeal, certain facts becomes inevitable for us to be considered. A CIRP process under Section 7 of I&B Code was initiated, as against the present Appellant for the alleged default in remittance of the financial dues, for the financial assistance taken by the Appellant from the Financial creditor, the Canara Bank. The CIRP process, thus stood instituted on 22.07.2025, against SLS Power Ltd. (Corporate Debtor) and consequent to it, an RP was appointed. But, the facts, which could be culled out from the records are that, owing to the demand notice issued by Financial Creditor under Section 13(2) of SARFAESI Ac....

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.... Crore Only) as upfront. • Rs. 6.00 crore will be paid immediately on conveying sanction. • Balance Rs. 11.00 Crore will be paid within 45 days from the date of sanction. In pursuance to the terms and conditions that were contained under the One Time Settlement proposal of 19.07.2025, it is not disputed by any of the parties to the proceedings, that, the entire amount has already been paid by the Corporate Debtor to the Financial creditor, but the process has not yet been concluded, though the proceedings under Section 12A of I&B Code, 2016, has already been instituted by the Resolution Professional by filing the same before the learned Adjudicating Authority on 25.08.2025, and the reason why the same has not be....